DTN Midday Grain Comments     08/01 10:53

   Corn, Wheat Futures Lower at Midday; Soybeans Higher

   Corn futures are 3 to 4 cents lower at midday Friday; soybean futures are 1 
to 2 cents higher; wheat futures are 5 to 7 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Friday; soybean futures are 1 
to 2 cents higher; wheat futures are 5 to 7 cents lower. The U.S. stock market 
is weaker with the S&P 100 points lower. The U.S. Dollar Index is 90 points 
lower. The interest rate products are firmer. Energy trade is weaker with crude 
2.00 lower and natural gas .01 lower. Livestock trade is mixed. Precious metals 
are firmer with gold 55.00 higher.

CORN:

   Corn futures are 3 to 4 cents lower at midday with trade fading back from 
the early gains as we continue to chop along the lower end of the range. 
Ethanol margins are seeing pressure from unleaded sliding into the weekend. The 
forecast is expected to run cooler into next week before some heat returns. The 
daily export wire was active Friday with sales of 227,160 metric tons (mt) to 
unknown and 125,000 mt also to unknown. Basis looks to remain rangebound to 
softer in the short term. On the September chart, the 20-day moving average at 
$3.99 is resistance with the fresh low at $3.87 3/4 as support.

SOYBEANS:

   Soybean futures are 1 to 2 cents higher at midday with trade bouncing along 
the lower end of the range with oil continuing to fade while some 
short-covering comes into meal. Meal is 3.50 to 4.50 higher and oil is 85 to 95 
points lower. The forecast is expected to bring some warmer weather into the 
middle of the month with moisture chances remaining good. Basis will likely 
remain flat to soft in the short term. On the September chart, resistance is 
the 20-day moving average at $9.98 and the fresh low at 9.66 1/4 is support.

WHEAT:

   Wheat futures are 5 to 7 cents lower at midday with trade continuing to hold 
the lower end of the range after failing to extend the late-session strength 
from Thursday. Spring wheat harvest should continue to expand quickly into next 
week with warmer weather. MATIF wheat faded back from nearby resistance and is 
testing the recent lows again. On the KC September chart, resistance is the 
20-day moving average at $5.25, with the lower Bollinger Band at $5.14 as 
support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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